golden parachute

golden parachute,

a contract given to top executives of a corporation to provide benefits in case of job loss due to a takeover by another firm or a merger. The unusually generous benefits may include substantial severance pay, a one-time bonus payment when employment ends, or stock options.

In contrast, for the 39 deals with enhancements, a meaningful number of companies reported golden parachute payments that were above two times the average (six companies for the CEO, and five companies for the NEOs as a group).

The agency defines golden parachutes as payments that are "contingent on the termination of that person's employment and received when the credit union making the payment is troubled, capitalized or insolvent.

Drabinsky (who is now a wanted felon in the United States for his creative accounting practices with Livent, the theatre company he was given as part of his golden parachute out of Cineplex) and the de-evolution of civil behaviour that leads one young man to stab another for a "dissing" glance, the actual state of movie-going in Toronto has changed very little in the transpiring 22 years.

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